The trustees of any trust scheme1 must, except in any prescribed circumstances2, keep any money received by them in a separate account with a deposit taker3. Regulations4 may require the trustees of any trust scheme to keep records of their meetings (including meetings of any of their number), and books and records relating to any prescribed transaction5. If in the case of any trust scheme any requirements imposed by or under the above provisions are not complied with, the provisions relating to civil penalties6 apply to any trustee who has failed to take all such steps as are reasonable
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